Review your mortgage note Usually sale of a home by any method will result in the lender calling the mortgage due as of the date of closing. FHA mortgages may be assumable; that will be in your note as well. If you need help, call your lender. If the mortgage is assumable, that would probably be your best way to sell and often extremely appealing to the buyer. Some lenders will also give you some concessions such as lowering the mortgage rate if the buyer finances with the lender. CHeck it out before you cause a problem for yourself. Most propeties that are sold contract for deed do not have a mortgage, they are owned free and clear. If a loan is assumable, a small contract for deed paid directly to the seller, plus a cash downpayment, may be used to cover any gap between the sale price and the assumable mortgage. Just be sure you have all the factd pertinent to you, the buyer, the specifics of your house, etc. Liz, 612-986-4105... more
I would need to know what is in the contract, but ultimately it is sounds like you are pretty early in the game and should be fine. It just depends on how the current company responds. If you are honest and upfront I don't see why they would not grant your wishes.
If you re going to live there awhile and as long as you can afford it and it makes you comfortable then it will also make someone else comfortable. Do it for you and as long as it is a quality job a second bath never hurts!!... more
Your question as I read it, can't be answered. What has your son filed? Who holds the C/D? What is the property value related to the C/D? I will be glad to try to answer if you can be more specific/ Liz... more
Jimmy, all commissions are negotiable, and it is improper for any agent to discuss specific commissions in a public forum.
Interview a few agents...... see what they charge, and what their marketing plan will be.
Ask for it in writing.
Compare and contrast what they are offering.
My advice is to focus on the agent.......... their experience and knowledge of your area, and what efforts they will make to get your home sold. Ask what their track record is.....what percentage of their listings sell.
While I understand that the commission is a concern, shopping for the lowest one might not be in your best interest.
There are also flat fee brokers you might want to investigate.
As far as who pays the commission - that's an often discussed/argued point here on trulia.
On the basic level............. the seller pays the commission. The sellers sign a listing agreement in which a commission is stated - to be paid when a buyer is found.The listing agent usually agrees to share that total percentage with any agent who brings in the buyer.
The commission is paid at closing, and taken out of the proceeds of the sale.
So, on the surface, the seller is paying the commission.
Now, here is where the discussions come up............it is believed that, in reality, the buyer is also participating in paying the commission, as the final accepted price is most likely factoring that in.
Without a commission the buyer most likely would be able to purchase the home for less. So, they are certainly , in effect, paying the commisson along with the seller.